TradeWindow (TWL) H2 2025 earnings summary

Executive summary

• Achieved record trading revenue of $8.0 million for FY25, up 30% year-over-year, at the upper end of guidance, driven by new customer acquisition in Australia and cross-selling to existing clients.

• EBITDA loss reduced by 77% to $1.5 million; monthly EBITDA breakeven achieved in March 2025, with full-year EBITDA breakeven targeted for FY26.

• Net loss after tax improved to $3.5 million, a 56% improvement from the prior year.

• Annual recurring revenue reached $8.7 million, up 38% year-over-year.

• Strategic focus on high-quality, recurring revenue customers, with retention among target segments at 87%.

Financial highlights

• Cash and cash equivalents at year-end were $0.4 million; average monthly cash burn reduced to $73k in 2H25 from $349k in 2H24.

• Employee costs down 27%, other expenses down 31%, and total operating expenses decreased 28% to $9.6 million.

• Recurring transactional and subscription revenue made up 94% of total trading revenue.

• Transactional revenue grew 44%, subscription revenue up 17% year-over-year.

• Total customers increased to 554, led by freight segment growth.

Outlook and guidance

• FY26 trading revenue guidance set at $10 million–$11 million, representing 25%–37.5% year-on-year growth.

• Confident in achieving full-year EBITDA breakeven in FY26, supported by operational efficiencies and capital conservation.

• Revenue composition expected to remain stable, with 90% recurring revenue.

• Continued focus on cross-selling, new customer acquisition, and benefiting from new trade agreements and automation demand.

• Anticipates ongoing global trade disruptions will drive further adoption of digital solutions.